(a) The Director of Public Service shall, as directed by Council, provide by contract for the collection and disposal of garbage and refuse which may accumulate in the Municipality. When such a contract is entered into and approved by Council, the Director is hereby authorized to issue a permit to such collector of garbage and refuse. Such permit shall be valid for a period of three years with the option to the Municipality to renew the same for a period of either one or two additional years, but may be revoked for cause at any time during the period of its validity.
(b) Such permit, when issued, shall grant to the permittee the exclusive right to collect and dispose of garbage and refuse in the Municipality for the period of the permit. The permittee shall have the exclusive privilege of hauling, over the streets of the Municipality, garbage and refuse, and no other person shall be permitted to collect for hire such material in the Municipality.
(c) The permittee shall furnish to the Municipality a performance bond in the amount of five thousand dollars ($5,000) as a guarantee that the permittee will render, in accordance with this chapter, a garbage and refuse collection service for the duration of the permit.